So you have moved out on your own, you are fully independent in your own space or perhaps sharing with a roommate.  

Insurance may not have been one of the considerations when putting together your budget, or if it was, it may have been way down on the list of priorities after rent, food, clothing, travel and entertainment!  However, tenants insurance should not be an afterthought—we'll explain why.

Renting - Some Considerations:

  • Your “stuff”  may be worth much more than you realize.  You have likely collected things over several years, a lot of your furniture may even be second hand but if you have a fire or water damage that destroys all or most of your personal belongings or if you have things stolen you would be surprised at how much it will cost to replace everything you have accumulated.  To buy a new wardrobe, TV, computer, laptop, furniture, art, kitchen dishes and small appliances, linens and books will likely cost more than you think.
  • Your coverage extends beyond your personal possessions – your Tenants policy will include liability and cover the costs if you are responsible for damage to other people’s property.  For example, if your bathtub or washing machine overflows and causes damage to the apartment below you. 
  • Have you thought about where you will live and what you will do if there is serious damage to your unit and you cannot live there? In the event of a fire loss there might be smoke damage or in a water loss the dampness may lead to mold and your apartment may not be suitable for you to move back into for quite some time.  Now, not only do you have to replace your belongings but you have nowhere to live!  A renters policy will cover the additional living expenses associated with this disruption.
  • Cost - Renters Insurance is likely not as expensive as you may think.  There are several factors that determine premium but in comparison with auto insurance, renters insurance is quite inexpensive!  

Condo Owner

As a condominium unit owner, some of your worries and coverage needs are similar to that of a tenant but you have some unique exposures and considerations as well.

Some Considerations

  • A condominium policy may cover your maintenance fees if an insurance claim prevents  you from living in your unit
  • Contents are covered both in your unit and in your storage locker
  • As a condo owner you may have upgrades to your unit. Perhaps your flooring is hardwood instead of laminate.  In the event of a claim, If you have to replace not only some of your personal belongings but your flooring and other upgraded elements, you want to ensure you have adequate protection to cover the cost difference of any upgraded items in your unit.  
  • What if someone is seriously injured a common area of your building? Perhaps in the swimming pool or using the gym equipment or, perhaps there is damage to the building that is not fully covered by the condo corporations policy.  In either event your own condo policy will provide some level of protection if you are assessed to pay for these damages a unit owner.


Have any questions? We can help.

Contact us—we can help you access and use your MyMills portal and app.
Tollfree: 800-953-0999   Phone: 416-489-5570    Email: contactus@millsinsurancebrokers.ca